The team behind the successful F2 and F3 squads, Hitech has confirmed that they have applied to enter Formula 1 from 2026.
New Investment
Hitech’s decision to apply to enter Formula 1 has been helped due the team securing a major new investor.
Parent company Hitech Global confirmed that they had sold a 25 percent equity stake in the business to Kazakh businessman Valdimir Kim.
Billionaire businessman Kim, made his fortune in the Mining, banking and aviation sectors.
This will mark the first investment in motorsport for Kim, although he has sponsored athletes in both Boxing and Tennis.
“Motorsport has been a long-standing personal interest for me, and I am delighted to be entering into a partnership with an organisation that has enjoyed success in so many categories and has such ambitions for its future, We have an established involvement with sport; however, this is our first global investment in motorsport. Its dynamic appeal, growing exposure, business-to-business marketing opportunities and burgeoning fan base are aligned with my ambitions personally and commercially.
Vladimir Kim on why he is investing in Motorsport with Hitech
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FIA PROCESS
Formula 1 announced at the start of the year that they had formally opened a process to allow potential new teams to enter F1.
The process would look at numerous factors including rigorous financial and technical analysis as well as sustainability and positive societal impact criteria. The FIA also explained that each application would need to prove its technical capability and resources, including funding levels, as well as its relevant experience.
Any group wishing to express interest would be required to pay a $20,000 non refundable admin fee.
HITECH
Hitech was founded by Oliver Oakes has 6 teams spanning Formula 4 to Formula 2 will look to join Formula 1 along side Andretti Global, who has also expressed a desire to join the F1 grid.
[joining Formula 1] …would complete its single-seater ladder and demonstrate that Hitech has all the right people, experience and resources to compete alongside the best teams in the world
HITECH ON JOINING THE F1 GRID
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